Refer to the diagram and assumptions. If a union is formed in sector 1 and the union increases the wage rate from W n to W u , then employment will:
These two graphs show two sectors of the labor market for a particular kind of
labor. Relevant product markets are competitive. The two labor demand curves are identical and initially the quantities of labor employed in the two sectors are L 1 and L 1 and the wage rate in each sector is W n
A. decrease, but we cannot determine by how much.
B. decrease by 0L 2 in sector 1.
C. decrease by L 1 L 2 in sector 1.
D. increase by L 1 L 2 in sector 1.
C. decrease by L 1 L 2 in sector 1.
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The curve in the above figure shows alternative combinations of gasoline and coffee that Sam likes equally well. This curve is called
A) a budget line. B) a demand curve. C) a consumption curve. D) an indifference curve.
Explain how the price system eliminates a shortage
What will be an ideal response?
Imports are goods and services bought domestically but produced in other countries
Indicate whether the statement is true or false
Congress passed the Clean Air Act in 1970. Since this act was passed, emissions of the six main air pollutants
A) have increased significantly due to the growth of the U.S. economy. B) cannot be measured since Congress failed to appropriate money to monitor the level of emissions. C) have fallen by more than one-half. D) have remained essentially constant, even though significant economic growth has occurred in the United States since 1970.